Is anyone actually doing that?
Some people are suggesting that the plethora of formats are a negative.
darrenyeats has implied that the continuation of vinyl is actually having a negative effect on the quality of CD mastering (nonsense in my view).
Evil Emperor has said that vinyl is bought by collectors with absolutely no thought to sound quality (and anyone who argues any different should not be taken seriously). The implication being that continued production of vinyl is a waste of time.
With respect to Hi-Rez, I don't know if it is any better than CD quality, but I have no problem with people selling it and people buying it - it's their choice.
In terms of the CD, I don't know what it's fate will be - it may survive as a smaller somewhat niche format over the long term, it may not.
As to Evil Emperor's view on Neil Young, he's wrong again - in the curmudgeon stakes EE wins bigtime.